The Wall Street Journal reports Toyota (TM) slashed its global sales target for next year, its latest setback after cutting its sales projection for this year a month ago. Toyota said Thursday that it cut its world-wide sales outlook for 2009 to 9.7 mln vehicles from its previous expectation of 10.4 mln vehicles that it outlined a year ago.
Still, the new target for 2009 represents 2% growth from the co's projected sales for 2008. The numbers include sales and production at its subsidiaries -- Daihatsu Motor and Hino Motors. TM took a cautious approach to its prospects for sales in the U.S., Europe and Japan amid the gloomy global economic outlook. The downgrade in its 2009 sales forecast follows a cut in its global sales target last month to 9.50 mln vehicles for 2008 from as it reduced its sales expectations for the U.S., Europe and Japan.
By region, Toyota cut its sales plan for North America -- its biggest market -- to 2.7 mln vehicles for 2009, compared with 3.0 mln in its previous target. For the domestic market, the co lowered its sales projection to 2.25 mln from 2.4 mln.
In Europe, it cut its sales plan to 1.3 mln vehicles from 1.5. mln. It lowered its Asia sales outlook at 1.8 mln vehicles from 1.9 mln vehicles. But it hiked its sales projection for Latin America and other markets to 1.70 mln from 1.65 mln.